Stricter US compliance against overseas governments and organisations that assist in tax evasion will get a step closer today if, as expected, the Senate passes the Surface Transportation Act.
Governments could do a lot more to improve how they formulate tax policy, including putting in place a recognised process of consultation with taxpayers.
Essar Energy, of India reported a loss of $568.2 million for 2011 after a tax ruling that went against the company. However it is challenging the decision.
Weatherford, an oilfield services and equipment company, has told investors that because of deficiencies in its income tax reporting, they should not rely on the company’s previous financial statements.
